Key facts
- Travel costs have risen 20% since August 2019.
- Restaurant food and beverage costs have increased by over 30%.
- Americans are scaling back travel plans due to rising costs.
Consumers are facing increased costs for everyday goods and services, impacting their ability to travel. The cost of travel has risen 20% since August 2019, driven by sharp increases in gas, lodging, and recreation expenses. Food and beverage costs in restaurants have seen an even steeper rise of over 30%. These broader cost increases leave less discretionary income for vacations. Many Americans are adjusting their travel habits, opting for less frequent trips or more budget-conscious destinations. For example, one family is reducing their annual Disneyland visits from three to one, and another individual is choosing a road trip to Vermont over a planned international vacation due to cost considerations.